MOSCOW, November 28 (RIA Novosti) - The cancellation of the sponsorship contract between CSKA Moscow soccer club and Russian oil company Sibneft will not affect the work of the soccer club, the club's president said Monday.
"The cancellation of the contract will not affect the club's work," Yevgeny Giner said. "The club is very stable."
Giner said there was no lack of potential sponsors for CSKA. "We have sponsors, but we didn't negotiate with them, since there was a three-year contract with Sibneft."
Giner added that the club also plans to build its own stadium in Moscow with a capacity of 30,000.
Sibneft announced it had decided to break off its contract with CSKA without paying cancellation penalties on Monday.
A majority stake in Sibneft was recently purchased by Russian energy giant Gazprom from Millhouse Capital, the investment vehicle of Roman Abramovich, owner of the British soccer club Chelsea.
Sibneft signed a sponsorship deal with CSKA Moscow in March 2004, through which it was to pay the club $18 million per season through 2006.